Its a real Monday evening trading spectacular...bearish option trades on the DOW:

OK so that didn't take me long from my last post of 10 minutes ago. I
checked out options on the DOW, and just sold £5/point on a Jun '06
11,500 CALL @ 222, and used that premium to buy a Jun '06 11,200 PUT @
52 in £20/point.

This fits well in my portfolio, as I am net long stock so this gives me
a £5 hedge if it ends above 11,500 and a £20 hedge if the market really
cracks. Hopefully we'll see a 200-300 point correction in short order. A
300 point drop this week would net me about £900 on my put and £750 on
the call, after bid/offer, so lets hope volatility picks up so I can put
some quick cash in the account!